鐔遍粸(di菐n)灏堥锛�鑰冭│鏅�(sh铆)闁�|鍏嶈不(f猫i)椤屽韩(k霉)绶寸繏(x铆)

銆€銆€姹虹瓥鏂规硶鎳�(y墨ng)鐢�

銆€銆€1.鍥哄畾璩囩敘(ch菐n)鏇存柊姹虹瓥

銆€銆€渚嬪锛屾煇浼佹キ(y猫)鐝�(xi脿n)鏈変竴鑸婄敓鐢�(ch菐n)绶�锛屼紒妤�(y猫)鑰冩叜鏄惁灏�(du矛)鍏堕€�(j矛n)琛屾妧琛�(sh霉)鏇存柊銆傝垔鐢熺敘(ch菐n)绶氬師璩�(g貌u)缃垚鏈偤82000鍏�锛屽凡瑷�(j矛)鎻愭姌鑸�40000鍏�锛屼及瑷�(j矛)閭勫彲浣跨敤5骞达紝姣忓勾鎶樿垔8000鍏�锛屾湡鏈畼鍊�2000鍏冦€備娇鐢ㄨ┎鐢熺敘(ch菐n)绶氱洰鍓嶆瘡骞寸殑閵峰敭鏀跺叆鐐�100000鍏�锛屼粯鐝�(xi脿n)鎴愭湰鐐�50000鍏冦€�

銆€銆€濡傛灉閲囩敤鏂扮敓鐢�(ch菐n)绶�锛屾柊鐢熺敘(ch菐n)绶氱殑璩�(g貌u)缃垚鏈偤120000鍏冿紝浼拌▓(j矛)鍙娇鐢�5骞�锛屾瘡骞存姌鑸�20000鍏�锛屾渶鍚庢畼鍊�20000鍏冿紝鏂扮敓鐢�(ch菐n)绶氶倓闇€瑕佽拷鍔犳祦鍕�(d貌ng)璩囬噾10000鍏�锛�5骞村悗鏀跺洖銆備娇鐢ㄦ柊鐢熺敘(ch菐n)绶氬悗锛屾瘡骞寸殑閵峰敭鏀跺叆闋�(y霉)瑷�(j矛)鐐�160000鍏�锛屾瘡骞翠粯鐝�(xi脿n)鎴愭湰鐐�80000鍏�銆傜敱浜庨噰鐢ㄦ柊鐢熺敘(ch菐n)绶氾紝鍘熸湁鐨勭敓鐢�(ch菐n)绶氬彲鍑哄敭鐛插緱鐝�(xi脿n)閲�40000鍏�銆傝┎浼佹キ(y猫)鎵€寰楃▍绋呯巼鐐�25%锛岄爡(xi脿ng)鐩殑蹇呰鍫�(b脿o)閰巼鐐�10%銆傝┎浼佹キ(y猫)鏄惁鎳�(y墨ng)瑭叉洿鏂扮従(xi脿n)鏈夌敓鐢�(ch菐n)绶�?

銆€銆€1)绻肩簩(x霉)浣跨敤鑸婄敓鐢�(ch菐n)绶�

銆€?銆佷开璺忔F(xi脿n)閲戞祦閲�

銆€銆€鐢变簬鑸婅ō(sh猫)鍌欏強鍏堕厤濂楃殑娴佸嫊(d貌ng)璩囬噾鏄洿鏂版焙绛栦箣鍓嶅凡缍�(j墨ng)瀛樺湪鐨�锛屽洜姝ゆ焙绛栦腑涓嶉渶瑕佺偤鑸婅ō(sh猫)鍌欐敮浠樿臣(g貌u)缃殑鐝�(xi脿n)閲戞祦鍜岄厤濂楃殑娴佸嫊(d貌ng)璩囬噾锛屽嵆锛氱辜绾�(x霉)浣跨敤鑸婄敓鐢�(ch菐n)绶氱殑鍒濆鐝�(xi脿n)閲戞祦閲�?j墨)绾泘NCF0=0銆�

銆€?銆佽窋I(y铆ng)妤�(y猫)鐝�(xi脿n)閲戞祦閲�

銆€銆€NCF1锝�5=(100000-50000-8000)脳(1-25%)+8000=39500鍏�

銆€?銆佸姠K绲�(ji茅)鐝�(xi脿n)閲戞祦閲�

銆€銆€NCF5鈥�=2000鍏�

銆€?銆佽粏琛凢(xi脿n)鍊�

銆€銆€NPV=39500脳PVIFA10%锛�5+2000脳PVIF10%锛�5

銆€銆€=150986.5鍏�

銆€銆€2)浣跨敤鏂扮敓鐢�(ch菐n)绶�

銆€銆€鈶犲垵濮嬬従(xi脿n)閲戞祦閲�

銆€銆€鍘熸湁鐨勭敓鐢�(ch菐n)绶氬彲浠ュ嚭鍞�锛屽嚭鍞墍寰楃殑鐝�(xi脿n)閲戞祦鍏ュ彲浠ユ姷娑堥儴鍒嗚臣(g貌u)缃柊鐢熺敘(ch菐n)绶氱殑鍒濆鐝�(xi脿n)閲戞祦鍑恒€備娇鐢ㄦ柊瑷�(sh猫)鍌欑殑鍒濆鎶曡硣涓倓鍖呮嫭杩藉姞鐨�10000鍏冩祦鍕�(d貌ng)璩囬噾銆�

銆€銆€NCF0=-120000-10000+40000=-90000鍏�

銆€銆€鈶＄嚐(y铆ng)妤�(y猫)鐝�(xi脿n)閲戞祦閲�

銆€銆€NCF1锝�5=(160000-80000-20000)脳(1-25%)+20000=65000鍏�

銆€?銆佸姠K绲�(ji茅)鐝�(xi脿n)閲戞祦閲�

銆€銆€NCF5鈥�=20000+10000=30000鍏�

銆€?銆佽粏琛凢(xi脿n)鍊�

銆€銆€NPV=65000脳PVIFA10%锛�5+30000脳PVIF10%锛�5-90000=175045鍏�

銆€銆€鐢变簬浣跨敤鏂扮敓鐢�(ch菐n)绶氱殑鍑堢従(xi脿n)鍊奸珮浜庝娇鐢ㄨ垔鐢熺敘(ch菐n)绶氱殑鍑堢従(xi脿n)鍊�锛屽洜姝や紒妤�(y猫)鎳�(y墨ng)瑭查伕鎿囨洿鏂�銆�

銆€銆€2.璩囨湰闄愰噺鎯呮硜涓嬬殑姹虹瓥

銆€銆€姹虹瓥鎬濊矾锛氬湪璩囨湰闄愰噺鑼冨湇鍏�(n猫i)锛岄伕鍙栦竴绲勨垜NPV鏈€澶х殑鎶曡硣闋�(xi脿ng)鐩祫鍚�銆�

銆€銆€渚嬪锛屾煇鍏徃闈㈣嚚5鍊�(g猫)鍙緵鍚屾檪(sh铆)閬告搰鐨勯爡(xi脿ng)鐩�锛屽叾鍚勮嚜鐨勫噲鐝�(xi脿n)鍊煎拰鍏�(n猫i)閮ㄥ牨(b脿o)閰巼鎸囨(bi膩o)濡備笅銆傚亣瑷�(sh猫)鍏徃鐨勮硣閲戦檺閲忕偤3000钀�(w脿n)鍏�锛屾噳(y墨ng)閬稿彇鍝簺闋�(xi脿ng)鐩殑绲勫悎?闋�(xi脿ng)鐩殑蹇呰鍫�(b脿o)閰巼鐐�15%銆�

銆€銆€鏍规摎(j霉)璩囨湰闄愰3000钀�(w脿n)鍏冮€�(j矛n)琛岄爡(xi脿ng)鐩祫鍚堝悗锛屽悇绲勫悎鐨勫噲鐝�(xi脿n)鍊兼寜鐓х敱楂樺埌浣庣殑闋嗗簭鎺掑垪濡備笅锛欵C绲勫悎鍑堢従(xi脿n)鍊�=1240鍏冿紝DCA绲勫悎鍑堢従(xi脿n)鍊�=1150鍏�锛孍B绲勫悎鍑堢従(xi脿n)鍊�=1140鍏�锛孌BA绲勫悎鍑堢従(xi脿n)鍊�=1050鍏�锛岄伕鍙栧叾涓噲鐝�(xi脿n)鍊兼渶楂樼殑绲勫悎EC锛屽畠绲︿紒妤�(y猫)澧炲姞鐨勫児(ji脿)鍊兼渶澶�锛屽洜姝ゆ槸鏈€浣抽伕鎿�銆傞€欓噷鍏�(n猫i)閮ㄥ牨(b脿o)閰巼鏈€楂樼殑绲勫悎鏄疍CA锛屼絾鏄叾绲勫悎鐨勫噲鐝�(xi脿n)鍊煎苟闈炴渶楂�锛屽緸鎶曡硣澧炲姞浼佹キ(y猫)鍍�(ji脿)鍊肩殑瑙掑害锛屾绲勫悎涓嶆槸鏈€鍎�(y艒u)鐨�銆�

銆€銆€3.澹藉懡涓嶇瓑鐨勯爡(xi脿ng)鐩瘮杓冩焙绛�

銆€銆€姹虹瓥鎬濊矾锛氬＝鍛戒笉绛夌殑闋�(xi脿ng)鐩笉鑳界洿鎺ユ瘮杓冨噲鐝�(xi脿n)鍊�锛屾噳(y墨ng)浠ュ勾鍧囧噲鐝�(xi脿n)鍊奸珮鑰呯殑鏂规鐐哄劒(y艒u)閬告柟妗�銆�

銆€銆€骞村潎鍑堢従(xi脿n)鍊硷細ANPV=NPV梅PVIFAK锛宯

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